Re: Does BP offer “User Customized Color Scheme” like vbulletin?
This is possible, but it would have to be a custom-coded plugin as such a plugin doesn’t currently exist. Shouldn’t be too hard with a little usermeta and a settings page.
If you’re talking about custom colors for other elements apart from the body’s background-color, then I can foresee problems as each BuddyPress (child) theme could be customized to oblivion! 
